Host Hotels, Singapore gov’t affiliate in investment venture

TEL AVIV (MarketWatch) — Host Hotels & Resorts Inc., the Bethesda, Md., real estate investment trust, and the Reco Hotels affiliate of GIC Real Estate Private Ltd. entered a joint venture to explore investment opportunities in Asia and Australia. GIC Real Estate is the real estate investment company of Government of Singapore Investment Corp. The companies will invest as much as $600 million of equity in the venture, “which combined with the anticipated leverage provides total investment potential of $1.5 billion to $2 billion,” Host and GIC said in a statement on Tuesday. Host Hotels & Resorts will own a 25% interest in the venture and a Host affiliate will provide asset-management services and earn related fees, the companies said.
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Original post by Forextvblog

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